Thailand Boosts Crypto Ambitions, Welcomes Bitcoin ETFs on Local Exchanges
Highlights
- Thailand’s SEC plans to approve its first Bitcoin ETF on local exchanges.
- Individuals and institutions will be able to invest in the Bitcoin exchange-traded fund.
- Thaksin Shinawatra reveals his interest in legalizing crypto and promoting stablecoin adoption.
Thailand is making significant strides toward becoming a digital asset hub with a major breakthrough in its plans. A recent report revealed that the country intends to adopt Bitcoin ETFs, allowing local exchanges to list these exchange-traded funds. This move is a key step in enhancing Thailand’s position in the growing global cryptocurrency market.
By approving Bitcoin ETFs, Thailand will enable both individuals and institutions to invest in the cryptocurrency through more traditional financial channels. The approval of Bitcoin ETFs is expected to increase accessibility and investor confidence in digital assets, further integrating them into the mainstream financial system.
This decision reflects Thailand’s broader strategy to foster a thriving digital asset ecosystem. Additionally, Thaksin Shinawatra has expressed interest in legalizing crypto and promoting the adoption of stablecoins, signaling strong governmental support for the development of digital currency infrastructure in the country.
Thailand Gears Up for Bitcoin ETF Launch
The Thai Securities and Exchange Commission (SEC) is set to approve its first Bitcoin ETF, a move that supports the country’s vision of becoming a crypto hub, Bloomberg reported on January 15.
SEC Secretary-General Pornanong Budsaratragoon stated that this decision would enable both individual and institutional investors to directly invest in Bitcoin through these exchange-traded funds.
Thailand is paving the way for global cryptocurrency adoption by promoting the use of digital assets. In a Tuesday interview, Pornanong stated,
“Like it or not, we must move forward with the growing adoption of cryptocurrencies worldwide. We need to adapt and ensure that our investors have more options in crypto assets, with proper protection.”
While One Asset Management in Thailand has introduced a fund-of-fund tracking international Bitcoin ETFs, a direct investment tool is still awaiting approval. The ONE Bitcoin ETF Fund of Funds Unhedged, which is not for retail investors, was approved by the Thai SEC last year.
Thaksin of Thailand Plans to Legalize Crypto
The latest development follows Pheu Thai Party leader Thaksin Shinawatra’s efforts to legalize crypto. Drawing inspiration from the incoming U.S. President Donald Trump’s crypto-friendly approach, Thaksin proposed that Thailand adopt a more progressive stance on virtual assets. He also suggested increasing the issuance and use of stablecoins.
Digital asset trading in Thailand is gaining momentum, spurred by a broader rally that pushed Bitcoin to a record high of $108,315. While crypto hedge funds performed well last year, they failed to outpace Bitcoin (BTC) in returns, according to Bloomberg.
Thailand’s Comprehensive Crypto Vision and Regulations
Thailand has long aimed to establish itself as a leader in the global crypto market. In a recent development, the country announced a pilot project for crypto payments, set to take place in Phuket.
Although the initiative will operate within Thailand’s current legal framework, it strengthens the nation’s broader crypto vision. Thailand is focused on increasing crypto adoption, and the introduction of Bitcoin ETFs is seen as a positive step for the local crypto industry.
